Ancora Advisors LLC Buys 53,894 Shares of Northrim BanCorp Inc $NRIM

Key Points

• Ancora Advisors increased its Northrim BanCorp stake by 74.5% in the second quarter, buying 53,894 shares for a total holding of 126,214 shares valued at approximately $3.5 million. Institutional investors collectively own 65.99% of the company.
• Northrim BanCorp exceeded quarterly earnings expectations, reporting $0.68 EPS versus the $0.61 consensus estimate and revenue of $53.79 million. Analysts maintain a “Moderate Buy” consensus rating with a $31.50 price target.
• The company raised its quarterly dividend to $0.17 per share, implying a 2.7% annual yield, while insiders have sold 18,180 shares worth approximately $477,724 over the past 90 days.

Ancora Advisors LLC grew its stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) by 74.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 126,214 shares of the financial services provider's stock after purchasing an additional 53,894 shares during the quarter. Ancora Advisors LLC owned about 0.57% of Northrim BanCorp worth $3,501,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Western Wealth Management LLC bought a new position in Northrim BanCorp during the first quarter worth about $27,000. Quarry LP boosted its holdings in Northrim BanCorp by 47.7% in the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 412 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Northrim BanCorp by 298.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider's stock worth $34,000 after buying an additional 1,174 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Northrim BanCorp by 227.2% in the third quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider's stock worth $39,000 after purchasing an additional 1,261 shares during the period. Finally, Clearstead Advisors LLC increased its holdings in Northrim BanCorp by 192.4% in the 4th quarter. Clearstead Advisors LLC now owns 1,509 shares of the financial services provider's stock valued at $40,000 after buying an additional 993 shares during the period. Institutional investors own 65.99% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on NRIM. Keefe, Bruyette & Woods initiated coverage on Northrim BanCorp in a report on Wednesday, July 1st. They set a "market perform" rating and a $30.00 price target for the company. Weiss Ratings restated a "buy (b)" rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $31.50.

Northrim BanCorp Price Performance

Northrim BanCorp stock opened at $25.38 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $564.71 million, a PE ratio of 8.35 and a beta of 0.87. Northrim BanCorp Inc has a 12 month low of $19.60 and a 12 month high of $30.82. The stock has a 50-day moving average price of $26.86 and a two-hundred day moving average price of $25.15.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%.The company had revenue of $53.79 million for the quarter, compared to analysts' expectations of $51.80 million. Analysts expect that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Thursday, September 10th. This is an increase from Northrim BanCorp's previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. Northrim BanCorp's payout ratio is 21.05%.

Insider Transactions at Northrim BanCorp

In related news, EVP Jed W. Ballard sold 3,492 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $25.91, for a total value of $90,477.72. Following the completion of the sale, the executive vice president directly owned 26,835 shares in the company, valued at $695,294.85. This represents a 11.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anthony Drabek sold 1,200 shares of Northrim BanCorp stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $25.52, for a total value of $30,624.00. Following the transaction, the director directly owned 14,120 shares in the company, valued at $360,342.40. The trade was a 7.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 18,180 shares of company stock worth $477,724. Company insiders own 2.40% of the company's stock.

Northrim BanCorp Profile

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska's major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.

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